Bill > HB440

This bill makes the following key changes to the existing renewable energy production tax credit in New Mexico: 1. It increases the amount of electricity that may be produced by qualified energy generators using wind, geothermal, or biomass resources that will be eligible for the tax credit. Prior to 2021, the limit was 2 million megawatt-hours per year, and this is increased to 2.5 million megawatt-hours per year starting in 2021. 2. It extends the date that a qualified energy generator must first produce electricity in order to qualify for the tax credit from January 1, 2018 to January 1, 2023. 3. It decreases the amount of the tax credit per kilowatt-hour for certain taxable years for generators using solar energy resources, with the credit phasing down to zero for generators that first produce electricity on or after January 1, 2023. 4. It limits the period for which a taxpayer may claim the renewable energy production tax credit to 10 consecutive years. 5. It adds geothermal energy as a qualified energy source eligible for the tax credit.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=440&year=17